GBPJPY's final candle for the week was a text book shooting star which usually suggests more downside to come. This chart is interesting as GBPJPY lies at the end of a clear flag formation but at the bottom of the flag the usually supportive 200 day moving average sits. The TDI on H4 and H1 are BEARISH so it will be a surprise if we don't head lower at the start of trading on Monday. News (as discussed under GBPUSD) will clearly influence direction.
Above 140.58 turns the picture more BULLISH.
Trade idea
SELL initially down to 138.68 area and see if we bounce. Under 138.68 SELL down to 136.77 200 sma support on the DTF.
BUY at 140.00 for a move to resistance at 140.88
Above 140.58 turns the picture more BULLISH.
Trade idea
SELL initially down to 138.68 area and see if we bounce. Under 138.68 SELL down to 136.77 200 sma support on the DTF.
BUY at 140.00 for a move to resistance at 140.88
